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� 2� 1 ��5477
<br /> DEED �F TRUST
<br /> ��ontinued� Page 3
<br /> Notice of Constructian. Trustor shall notify Lender at least fifteen �15� days bef�re any work is commenced, any
<br /> ser��ces are furnished, or any mater�a�s are supplied tv the Property, 'r#any mechanic's lien, materiafinen's iien, or
<br /> vther iien cauld �e asserted an accaunt o� the wark, ser�ices, or materials. Trustor will upon r�quest ❑f Lender
<br /> #urnish to Lender �d►►ance assurances setisfactory ta Lender tha# Trustor can and will pay the G�St vf such
<br /> impro�sments.
<br /> PR�PERTY DAIIAA�E INSURANCE. The fvllvwing pro�isivns relating to insuring the Property are a part of th�s �eed o�
<br /> Trust.
<br /> IlAaintenanca vf Insurance. Trustor shall procure and maintain policies vf fire insuranc� with standard ext�nded
<br /> �o�erage endorsements vn a replacement basis for the full insurable �alue co�ering all Impro�sm�nts vn the Real
<br /> Property in an amount suffiCisnt �o a�oid application o# any �oinsurance ciause� and with a standard martgagee
<br /> clause �n fa�or o#Lender. Trustor shall aisv pro�ure and maintain cvmprehensi�e general liability insurance in such
<br /> �a��rag� amounts as Lender may request with Trustee and Lender be�ng named as addEtional insureds in such
<br /> liabi�ity insurance policies. Additionally, Trustor shalt maintain such other insurance, including but not limited to
<br /> hazard, husiness interruption, and boile� insurance, as Lendsr may reasonably require. Pvli�ies shall be written in
<br /> form, amounts, ca�erages and hasis r�as�nably aG�eptable ta Lender and issued by a campany �r companies
<br /> reasonably acceptable to Lender. Trustar, upvn request of Lende�, will deli�er to L�nder from time tv time the
<br /> policies or certificates of insurance in form satisfactory tv Lender, including stipulativns that �o�erages wil! no# t�e
<br /> �ancelled ar diminished without at least th�rty �34y days prior written nv#ice to Lender. Each insurance poficy also
<br /> sha�l include an endorsement pro�iding that co�erage in fa�or of Lender will nat be impaired in any way by any act,
<br /> omission or default of Trustor ar any other person. Shauld the Real Prop�rty be �ocat�d in an area designated by
<br /> the Administrator of the Federal Emergency Management Agency as a special flovd hazerd area, Trustor agrges tv
<br /> abtain and mainta+n Federal Flood �nsurance. if a�eilahle, within 45 days after natice is gi�en by L�nder that the
<br /> Prop�rty is�oca�ed in a special flaod hazard area, for the ful� unpaid prin�ipal balance of the laan and any prior iiens
<br /> on the property ss�uring the loan, up to the maximum policy limits s�t under the Natianai Flood Insurance Pragram,
<br /> ar as otherwis�required hy Lender, and to maintain such insurance for the term o#the Ioan.
<br /> Appl��ation of Procseds. Trustar shall prompt�y not�fy Lender o#any Ioss or damage to the Prvperty. Lender may
<br /> mak� proof of �oss if Trustvr #ails to do so within f�fteen t 15� days of the casualty. Whether or not Lender's
<br /> security is impaired, Lender may, at Lender's �lection, recei�e and retain the proceeds of any insurance and apply
<br /> the praceeds tv the �sduction a#the Indebtedness, payment of any lien affecting the Property, or the restorativn
<br /> and repair of the Property. If Lender elects to appiy the proce�ds tv r�storation and repair, Trustor shail repair or
<br /> replace the damaged or d�stroyed Impro�ements in a manner satisfa�tvey to Lender, Lender shali, upon
<br /> satisfactory prvvf of such expenditure. pay ❑r reimburse Trustvr from the proceeds for the reasonahle cost o�
<br /> repair or restarativn if Trust�r is not in defau�t under th�s De�d vf Trust. Any proceeds which ha�e nat b�en
<br /> disbursed within 18� days after their receipt and which Lender has not cammitted ta the repair vr restvration of
<br /> the Prvpe�ty shall be used first to pay any amvunt owing to Lender under this Deed of Trust. then to pay ac�rued
<br /> interest, and the remainder, if any, shall be app�ied to the prin�ipal halan�e of the Indebtedness. If Lender halds
<br /> any proceeds after payment in fu�l of #he Indebtedness, such proc�eds shall be paid to Trustor as Trustor's
<br /> interests may appeer.
<br /> Trustor's Report on #nsurance. Upan request of Lender. hawe�er nat more than❑nce a year, Trustor shall furnish
<br /> to Lender a report �n sach sxistin� policy of insurance showing: �1 y the name of the insurer; �2} the risks
<br /> insured; �3f the amount af #he paiicy; [4� the property insured. the then current replacement �a�ue of such
<br /> prope�ty. and the mann�r af d�t�rmining that�alue; �nd �5y the expiration date of the pvlicy. Trustor shall. upon
<br /> request of Lender, ha�e an independent appraiser satisfa�tary to Lender detgrmine th�cash�alue replacement�ast
<br /> of the Prvperty.
<br /> LENDER'S EXPENDlTURES. If any action ar proceeding is commenced that would materially affect Lender`s �nterest in
<br /> the Prvperty or if Trus�or fails to comply with any prv�ision �f this ❑e�d af Trus#or any Related Documents, including
<br /> but nvt limited to Trustar's failure ta discharge or pay when due any amvunts Trustvr is required ta discharge �r pay
<br /> under this Deed of Trust or any Related Documents, Lender on Trustor's behalf may �but shall not be obligated tay take
<br /> any action that Lender deems appropriate. including but not limited to discharging or paying al� taxes. liens, security
<br /> in#erests,encumbrances and other�laims, at any time le��ed or placed❑n the Property and paying al1�osts for insuring,
<br /> m�intaining and p�eser�ing the Property. A!I such expend'rtures incurred or pa�d by Lender for such�purposes will then
<br /> bear inter�st at the rate cha�ged under the Note from the da#e incurred or paid by Lender to the date vf repayment by
<br /> Trustor. A!� such expenses will become a part ❑f the Indebtedness and. at Lender's option. will tAy be payable on
<br /> demand; {6� t�e added #o the ba�ance ❑f the Nvte and be apportioned among and be payable with any installment
<br /> payments #v hecome due during either �1 y the t�rm of any applicable insurance policy; or �2f the remaining term of
<br /> the No#e; vr tCj be treated as a balloon payment which wi�l be due and paya�le at the Nvte's maturity. The Deed �f
<br /> Trust also wi!! secure payment of these amounts. 5uch right sha�� be in addit�on to all other rights and remedies tv
<br /> which Lender may be ent+tled upon❑e#ault.
<br /> WARRANTY;DEFENSE UF TiTLE. The fall�wing pro�isions relating ta vwnership of the Prvperty are a part of this aeed
<br /> af Trus�:
<br /> Title. Trustor warrants that: �a� Trustor holds good and marketable title af record to the Property in fee simple,
<br /> free and �lear ❑f all liens and encumbrances other than thvse se� forth in the Real Property descriptivn or in any
<br /> title insuranc� policy, titie report, ar final title opinion issued in fa�or vf. an� a�cepted by, L�nder in cvnnect+vn
<br /> with this Deed af Trust, and �bj Trustor has the fulf right. power, and autharity to execute and deli�er this Deed of
<br /> Trust to Lender.
<br /> Defense of Title. Subjec� to the exceptian in �he peragraph abo�e, Trustvr warrants and w�ll fore�er defend the
<br /> title tv th� Propsrty against the lawful c�aims vf afl pers�ns. In the e�ent any action ar proceeding is commenced
<br /> that questions Trustvr's title or the interes�of Trustee or Lender under this Deed of Trust, Trustar shall defend the
<br /> action at Trustor's exp�nse. Trustor may be the nominal party in such proceeding. but Lender shall b� entitlsd to �
<br /> participa#e in the procesc�ing and to be represented in the proceeding by counsel vf Lender's awn choi�e, and
<br /> Trustor will deli�er, ar cause to he deli�ered, to Lendsr such instruments as Lender may request frvm time ta time
<br /> to permit such parti�ipati�n.
<br /> Compli�nce With Laws. Trustor warrants that the Prvperty and Trustor's use of the Property complies with all
<br /> existing applicable laws. ❑rdinances, and regulations of go�ernmental authorities.
<br /> 5ur�ival of Represan#ations end Vllarranties. All representa�ions, warranties, and agreements made by Trustor in
<br /> this Deed v#Trust shall sur�i�e the ex�cution and deliWery of this Deed of Trust, sha�1 be continuing in na#ure� and
<br /> sha!!remain�n full for�e and e##e�t until such time as Trustar's Indebtedness shall he p�id in full.
<br /> C�NDEIIANAT��N. The fvllowing prv�isi�ns relating ta cvndemnation prviceedings are a pa�t of this❑eed of Trust:
<br /> Prviceedin9s. �f eny proceeding in condemnation is filed, Trustvr shali p�amptly noti#y Lender in writing, and
<br /> Trustor shal� pramptly #ake such steps as may be necgssary to defend the aGtion and obtain the award. Trustvr
<br /> may be the nvm�nal perty in such praceeding. but Lender shall be entit�ed to participate in the proceedin� and to be
<br /> represented in the proceeding by �vunsel of its own ch�ice. and Trustor wi11 deli�er ar cause to be deli�ered t❑
<br /> Lender such instruments and dacumentation as may be requested by Lender #rom time to time to permit su�h
<br /> participation.
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